Re: Booming Economy No Wage Growth 4 Hourly Workers

The nation’s unemployment rate sank in April to the lowest rate since December 1969, but the decline stemmed from more people quitting their search for work.

The jobless rate slipped to 3.6% last month from 3.8% in March. Yet that doesn’t mean there aren’t some potential trouble spots.

Take the size of the labor force. It contracted in April by nearly half a million people and fell for the fourth straight month.

The last time the labor force fell four months in a row was during the waning stages of the 2007-2009 Great Recession. And before that one has to go back to 1950.

The shrinking labor force “is the primary factor behind the unexpected decline in the unemployment rate,” noted chief economist Richard Moody of Regions Financial. Or as economists like to say, the unemployment rate fell for the wrong reason.

The most likely cause is rapid retirement of baby boomers, whose ranks are dwindling faster than the number of younger people entering the labor force.

Re: Booming Economy No Wage Growth 4 Hourly Workers

The nation’s unemployment rate sank in April to the lowest rate since December 1969, but the decline stemmed from more people quitting their search for work.

The jobless rate slipped to 3.6% last month from 3.8% in March. Yet that doesn’t mean there aren’t some potential trouble spots.

Take the size of the labor force. It contracted in April by nearly half a million people and fell for the fourth straight month.

The last time the labor force fell four months in a row was during the waning stages of the 2007-2009 Great Recession. And before that one has to go back to 1950.

The shrinking labor force “is the primary factor behind the unexpected decline in the unemployment rate,” noted chief economist Richard Moody of Regions Financial. Or as economists like to say, the unemployment rate fell for the wrong reason.

The most likely cause is rapid retirement of baby boomers, whose ranks are dwindling faster than the number of younger people entering the labor force.

Re: Booming Economy No Wage Growth 4 Hourly Workers

Baby boomers have been a large portion of the workforce over the last few decades. They are now retiring which lowers the job pool for the next generation, which would help account for the lower unemployment rate.

What percentage of the workforce are baby boomers?

Nearly 45 million Boomers are working in the U.S., representing about 29 percent of the labor force as of 2015 (the latest data available).

According to a study done by Boston College, 66 percent of Baby Boomer workers plan to work past age 65, if they retire at all.

Baby Boomer Retirement Research

In March 2016, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings.

An additional 26% reported less than $50,000 saved for retirement. When considering typical benchmarks needed for a successful retirement, 54% of the older Americans in this survey lacked sufficient retirement funds.

Re: Booming Economy No Wage Growth 4 Hourly Workers

Baby boomers have been a large portion of the workforce over the last few decades. They are now retiring which lowers the job pool for the next generation, which would help account for the lower unemployment rate.

What percentage of the workforce are baby boomers?

Nearly 45 million Boomers are working in the U.S., representing about 29 percent of the labor force as of 2015 (the latest data available).

According to a study done by Boston College, 66 percent of Baby Boomer workers plan to work past age 65, if they retire at all.

Baby Boomer Retirement Research

In March 2016, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings.

An additional 26% reported less than $50,000 saved for retirement. When considering typical benchmarks needed for a successful retirement, 54% of the older Americans in this survey lacked sufficient retirement funds.

Re: Booming Economy No Wage Growth 4 Hourly Workers

I look around and see a lot of seniors working part-time while they collect their security check. Companies like hiring part-time seniors and avoid paying benefits because they are part-time, and don't need to pay for their medical insurance because they have Medicare. Eventually they retire completely. That number keeps growing. The baby boomers were a very large group. That's how we earned the name "baby boomers".

Weren't we told that baby boomers, because of their large numbers, were putting a strain on Social Security and Medicare. The next generation is smaller in number.

Re: Booming Economy No Wage Growth 4 Hourly Workers

I look around and see a lot of seniors working part-time while they collect their security check. Companies like hiring part-time seniors and avoid paying benefits because they are part-time, and don't need to pay for their medical insurance because they have Medicare. Eventually they retire completely. That number keeps growing. The baby boomers were a very large group. That's how we earned the name "baby boomers".

Weren't we told that baby boomers, because of their large numbers, were putting a strain on Social Security and Medicare. The next generation is smaller in number.

Yep, many seniors on Social Security work part time, and many of them simply have to in order to live above poverty, some work and are still at the poverty level.

I am retired, 66 years old on Social security and I work part time, I am a direct W-2 employee of a Clearing House that contracts my Quality Engineer services to auto parts manufacturers. I get no benefits, but they pay all employer taxes, including SS.

You're right about Boomers putting a strain on SS, but it will reside as they die off, the birth rate is much lower and the numbers will change.

"The only thing man learns from history is man learns nothing from history"

Re: Booming Economy No Wage Growth 4 Hourly Workers

I look around and see a lot of seniors working part-time while they collect their Social Security check. Companies like hiring part-time seniors and avoid paying benefits because they are part-time, and don't need to pay for their medical insurance because they have Medicare. Eventually they retire completely. That number keeps growing. The baby boomers were a very large group. That's how we earned the name "baby boomers".

Weren't we told that baby boomers, because of their large numbers, were putting a strain on Social Security and Medicare. The next generation is smaller in number.

Re: Booming Economy No Wage Growth 4 Hourly Workers

Baby boomers have been a large portion of the workforce over the last few decades. They are now retiring which lowers the job pool for the next generation, which would help account for the lower unemployment rate.

What percentage of the workforce are baby boomers?

Nearly 45 million Boomers are working in the U.S., representing about 29 percent of the labor force as of 2015 (the latest data available).

According to a study done by Boston College, 66 percent of Baby Boomer workers plan to work past age 65, if they retire at all.

Baby Boomer Retirement Research

In March 2016, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings.

An additional 26% reported less than $50,000 saved for retirement. When considering typical benchmarks needed for a successful retirement, 54% of the older Americans in this survey lacked sufficient retirement funds.

Re: Booming Economy No Wage Growth 4 Hourly Workers

Baby boomers have been a large portion of the workforce over the last few decades. They are now retiring which lowers the job pool for the next generation, which would help account for the lower unemployment rate.

What percentage of the workforce are baby boomers?

Nearly 45 million Boomers are working in the U.S., representing about 29 percent of the labor force as of 2015 (the latest data available).

According to a study done by Boston College, 66 percent of Baby Boomer workers plan to work past age 65, if they retire at all.

Baby Boomer Retirement Research

In March 2016, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings.

An additional 26% reported less than $50,000 saved for retirement. When considering typical benchmarks needed for a successful retirement, 54% of the older Americans in this survey lacked sufficient retirement funds.